JUST IN: Dangote slashes petrol price to N820 per litre

Dangote Petroleum Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), bringing the new rate down to ₦820 per litre from ₦840.

This latest ₦20 cut follows a previous reduction just a week earlier, when the price dropped from ₦880 to ₦840 per litre—bringing the total decrease to ₦60, or approximately 6.82%, within one week.

Dangote group spokesperson Anthony Chiejina, said the company reduced the price to help make petrol more affordable for Nigerians.

We have reduced petrol gantry price to N820 from N840 per litre,” he stated, noting that the price slash took effect from Tuesday.

Dangote, NNPC and other major fuel distributors in Nigeria hiked petrol prices less than three weeks ago, blaming it on the rise in crude oil prices in the international market as occasioned by the conflict between Israel and Iran.

The pump prices of petrol hovered between N915 and N955 at the pumps, then, depending on the location. It was below N900 before the sudden hike.

During the price hike, marketers stated that the product was sold at N960 and N980 in the far north because of the distance.

However, as crude prices fell below $70 last week, the pump prices of PMS also declined. Crude prices had crashed because Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East.

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As of Tuesday, several filling stations in Lagos and Ogun States were selling petrol for less than ₦900 per litre.

Prices ranged between ₦875 and ₦890 per litre across the outlets.

A slight decrease in pump prices is anticipated in the coming days.